Electrical Insulation Materials Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Electrical Insulation Materials Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Global electrical insulation materials market is anticipated to increase at an impressive rate through 2028. Power is one of the crucial parts of modern infrastructure development, economic growth, and national welfare. Electric insulation prevents electric shock or discharge of positive charges into the bodies and keeps people safe from fatal injuries. Electric insulation, such as thermoplastics, epoxy resin, ceramics, and others, is essential and can work as a lifesaving tool that is used in various electrical equipment. According to the report published, California Public Utilities Commission is planning to invest 738 million USD for building electric vehicle charging stations and meet up clean air regulations by 2030. Hence, it is expected that the demand for electrical insulation materials will increase to fulfill the growing population utilization.

Additionally, government regulations on trade and export, such as free trade and bilateral and regional trade contracts, are the factors responsible for market growth, leading to increased electrical insulation materials market share in the forecasted period.

Rising Demand for Electrical Equipment Insulation Materials

An electric shock can lead to fatal situations such as paralysis of the brain, ventricular fibrillation, and the heart muscle. Due to economic development, the government is investing in building electric poles, towers, below-ground wires & cables, line switches, transformers, and other electrical equipment. According to the WHO, in 2022, in the past ten years, electric power consumption (kWh per capita) has grown by almost 35%. As per the report, nearly 1000 people per year die due to electric shock in the USA. Thus, there is a need for an electric insulation material that provides insulation to electrical products and safeguards human as well as animal life. Therefore, the demand for electrical insulation material is expected to rise and propel the market share in the forecasted period.

Growing Demand from Electronic and Electric Industries

Electronics are significant components of modern development, which helps in smooth functioning or survival. Electrical insulation materials are required to make electronic devices such as EV cars, television, washing machine, mobile, and other machines to make them shockproof. Growing EV industries directly impact the market's growth as insulation is required in cables, batteries, and other products. Additionally, the growing demand for electrical insulation materials in construction, automobile, medical, telecommunication, electronics, and manufacturing for providing electric equipment shock resistance and making the product as per benchmark standards. Thus, the need for the global electrical insulation materials market is expected to rise in the forecast period.

Ongoing Technological Advancement and Trends

Ongoing research and development activities worldwide are driving the market towards viable development to ensure the ideal and prudent use of the resources. These situations will lead to demand for renewable energy, thereby increasing the need for insulating materials such as HVDC cable and others. As the technology is emerging due to the present scenario, there is a huge opportunity to acquire significant market share in the future.

Market Development

In 2021, EXEGER Sweden AB partnered with Japanese ceramic technology company NGK INSULATORS, LTD. Through this partnership, both firms can strengthen their corresponding manufacturing capacity and capabilities. These capabilities enable both to bring products to market in different fields, such as the Internet of Things and electronics like e-shelf labels, sensors, and remote controls.

Market Segmentation

Global electrical insulation materials are segmented by type and application. Based on type, the market is divided into thermoplastics, epoxy resins, ceramics, and others. Based on application, the market is divided into power systems, electronic systems, cables & transmission lines, domestic portable appliances, and others.

Market Players

DuPont de Nemours, Inc., Krempel GMBH, 3M Company, Elantas PDG, Inc., Nitto Denko Corporation, Von Roll Holding AG, Tesa SE, ITW FORMEX - EIS Inc., Haysite Reinforced Plastics Limited, NGK Insulators, Ltd. are some of the major market players in the global electrical insulation materials market.

Report Scope:

In this report, Global Electrical Insulation Materials market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:

• Electrical Insulation Materials Market, By type:
• Thermoplastics
• Epoxy Resins
• Ceramics
• Others
• Electrical Insulation Materials Market, By application:
• Power Systems
• Electronic Systems
• Cables & Transmission Lines
• Domestic Portable Appliances
• Others
• Electrical Insulation Materials Market, By region:
• North America
• United States
• Canada
• Mexico
• Asia-Pacific
• China
• India
• Malaysia
• Australia
• Japan
• Europe
• Germany
• France
• United Kingdom
• Spain
• Italy
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Egypt
• Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global electrical insulation materials market.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Please Note: Report will be updated with the latest data and delivered to you within 3-5 working days of order. Single User license will be delivered in PDF format without printing rights